After hitting a record high in the second quarter, the number of U.S. corporate ratings downgrades fell to its lowest level since Q4 2018, according to S&P Global Ratings.

By the numbers: S&P lowered 107 U.S. corporate issuer credit ratings in the third quarter — 74% fewer downgrades than in Q2, as upgrades nearly doubled to 43.

  • "Downgrades abruptly slowed and upgrades increased as U.S. GDP rebounded in the third quarter," said Nick Kraemer, head of S&P Global Ratings Performance Analytics, in a statement.

One level deeper: Downgrade risk as measured by negative bias (the percentage of issuer credit ratings with negative outlooks or on CreditWatch with negative implications) for U.S. speculative-grade companies fell by 5 percentage points to 47%.

  • Meanwhile, the negative bias for investment-grade companies held nearly unchanged at 26%.

Go deeper

Oct 23, 2020 - Politics & Policy

63 million people watched final presidential debate

Photo Illustration: Pavlo Conchar/SOPA Images/LightRocket via Getty Images

63 million viewers tuned into the final debate between President Trump and former Vice President Joe Biden on Thursday evening, according to Nielsen ratings. The event drew 13% fewer viewers than the first presidential debate in late September.

Why it matters: The more measured matchup may have proven to be less exciting than the chaotic first debate.

Kendall Baker, author of Sports
7 mins ago - Sports

Locker Room wants to reinvent how fans talk sports

Courtesy: Betty Labs

Locker Room, a social audio app where fans can talk sports and spontaneously join live conversations, launches Tuesday on the App Store.

The state of play: The company behind Locker Room, Betty Labs, has raised $9.3 million in seed funding led by Google Ventures with participation from Lightspeed Venture Partners, Axios has learned.

Updated 31 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse. The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals. 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.